It's hard to ask for too much more, as far as drill results go.
Five of the six drill holes are close to 1 ounce per tonne (this is enormous). Grades converted to ounce per tonne (from grams per tonne):
*drill hole #1243 - 1 oz/t
*#369 - .7
*#10875 - 1.2
*#1676 - .9
*#9251 - .8
*#9477 - .3
Historically, the Val d'Or area has realized great successes in mining high grade/narrow veins (well below 1 meter interval true thickness). Today's true thickness is significantly greater. Today's true thickness coverted to meters (from feet):
*drill hole #1243 - 4.9 meters
*#369 - 11.4
*#10875 - 1.8
*#1676 - 3.2
*#9251 - 4.5
*#9477 - 7.7
You combined the 1 oz/t result with the excellent thickness and you get a lot of gold within a space, which can be mined really cheaply.
Here are some other very positive points:
1) Holes 369, 10875, 9251 and 9477 are likely bulk mineable (the other 2 holes likely have bulk mining potential also)
2) The vast area around holes 369 and 10875 gives the impression of being interconnected with ore. The depth of hole 369 is 1704 ft and the depth is 1721 ft with hole 10875. The proximaty of these 2 holes (distance wise), and at similar depth levels, strongly suggests that ore continues between the 2 drill points. Also, there is a high probability that the ore extends from the main mine workings to these newly modeled intersections (as mentioned on the NR). Thus, all of this is giving me the impression that the connection of all these points (plus the ore depth, interval thickness and ore grade) provides high probability of this being a massive zone of high grade gold.
3) I see the area surrounding drill holes #9251 and #9477 having the exact potential as what I've described above (point #2).
4)Hole #1243 is only 113 meters down (345 ft) from the surface. As such, it represents yet another high grade area that can be mined early at Lamaque (if required).
1 comment:
Production, I agree, these were pretty impressive drill results, yet the market for the most part was unfazed. The company has so much potential, yet the market seems to be waiting for verification of the $65 million financing before moving the stock price to a more reasonable valuation.
With the $2 million in the bank from the just closed PP, I expect that some of those funds will be used to firm up these new high-grade extensions after the Bedard Dyke has been drilled.
We can probably look forward to more good drill results over the next number of months and as the modelling work continues, both new reserves and resources will be added to the existing totals. I can see Lamaque being recognized again as a world class gold deposit. Yet another million shares were sacrificed today for an average price of 17 cents.
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